DoubleUGames (192080) Q3 2025 earnings summary

Executive summary

• Q3 consolidated revenue reached KRW 186.2 billion, up 20.8% YoY and 8.3% QoQ, marking the fourth consecutive quarter of growth and the highest since 2Q20.

• EBITDA reached KRW 65.3 billion, up 11.5% QoQ and 4.6% YoY, the highest profitability since 1Q24.

• Net income rose to KRW 56.4 billion, up 38.1% YoY and 71.0% QoQ, with a net margin of 30%.

• All business segments—Social Casino, iGaming, and Casual Games—delivered revenue growth, with Social Casino as the main driver.

• Operates a global gaming and i-gaming business with 17 consolidated subsidiaries, including recent acquisitions of Paxie Games, WHOW Games, and SuprNation AB.

Financial highlights

• Social Casino revenue: KRW 151.2 billion, up 9.4% QoQ and 6.2% YoY.

• iGaming revenue: KRW 22.5 billion, up 3.3% QoQ and 111.8% YoY.

• Casual Games revenue: KRW 12.4 billion, up 4.0% QoQ and 91% YoY.

• Operating income: KRW 59.2 billion, up 8.9% QoQ; operating margin at 32%.

• Consolidated revenue for the nine months ended September 30, 2025: KRW 520.1 billion.

Outlook and guidance

• Plans to increase DTC revenue share to 30% long-term, leveraging regulatory changes and web store optimization.

• Expects further upside in Q4 from Apple & Google approval of external payment links and peak-season demand.

• Continued investment in new game launches, IP diversification, and M&A to secure mid- to long-term growth.

• Committed to shareholder returns through buybacks and dividends, with a long-term dividend policy.